The University of Michigan Surveys of Consumers Sentiment was revised upwards in August, with the final print arriving at 58.2 vs. the preliminary reading of 55.1 and 55.2 expected.
Additional takeaways
University of Michigan Surveys of Consumers Current Conditions Index Final Aug 58.6 vs. Prelim Aug 55.5 and Final July 58.1.
University of Michigan Surveys of Consumers Expectations Index Final Aug 58.0 vs. Prelim Aug 54.9 and Final July 47.3.
University of Michigan Surveys of Consumers 1-Year Inflation Outlook Final August 4.8 Pct vs. Prelim 5.0% and Final July 5.2%.
University of Michigan Surveys of Consumers 5-Year Inflation Outlook Final August 2.9 Pct vs. Prelim 3.0% and Final July 2.9%.
Market reaction
The US dollar index is rebounding firmly above 108.00, as investors assess the upward revision to the consumer sentiment data and Powell’s comments.